A test version of MPlayer has been released (12/29/2007), which has support for DIVE, SNAP video overlays, and WarpOverlay. It also includes MEncoder, a simple movie encoder. Most MPEG/VOB, AVI, Ogg/OGM, VIVO, ASF/WMA/WMV, QT/MOV/MP4, RealMedia, Matroska, NUT, NuppelVideo, FLI, YUV4MPEG, and more are supported.
Source: OS/2 Warp News and Rumors